Korea-based chipmaker SK Hynix edged closer to an acquisition of Intel’s NAND memory business after receiving approval from the European Commission (EC), though reviews by UK and Chinese authorities remain ongoing.
The EC concluded the proposed acquisition posed no competition concerns, citing limited overlaps between the businesses and a lack of ability or incentive to quash competition.
US regulators including the Federal Trade Commission and the Committee on Foreign Investment, cleared the deal in March.
SK Hynix set up the $9 billion deal in October 2020, covering Intel’s relevant solid-state drive business, component and flash wafer units, and a factory in China.
Data from Statista showed SK Hynix ranked fourth worldwide in NAND flash revenue in Q4 2020 with an 11.6 per cent share. The acquisition will nearly double its market share, putting it second behind Samsung.Subscribe to our daily newsletter Back